With the presence of a large pool of participants, the global geospatial imagery analytics market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Digitalglobe Inc., Environmental Systems Research Institute, EOS Data Analytics Inc., Fugro N.V., Geocento, and Google Inc are some of the key vendors of geospatial imagery analytics across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the geospatial imagery analytics market study.
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In a major breakthrough that can create waves of growth across geospatial imagery analytics market, on August 15th 2018, Descartes Labs – a new Mexico-based geospatial analytics startup firm, launched the new version of geospatial analytics tool that is out of beta. Reportedly, with the launch of the innovative geospatial analysis platform, the firm can add weather data to its records along with commercial high-resolution imagery to OneAtlas Venture.
As estimated in this report, the Global geospatial imagery analytics market stood at US$ 2,640 million in 2016. Witnessing a tremendous rise during the period from 2017 to 2024, the revenue in this geospatial imagery analytics market is expected to reach US$ 21,200 million by the end of the forecast period. The main types available in this geospatial imagery analytics market are image analytics and video analytics. Among them, the demand for image analytics is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Technological Innovations & Industrial Digitization To Trigger Growth
“Escalating requirement for real-time location detection is a major factor that will spur the expansion of geospatial imagery analytics market size in the years to come, “says the author of this geospatial imagery analytics market study. Apart from this, collection of massive data through global navigation satellite systems will not only enhance the geospatial imagery analytics market scope but create value for it. In addition, aerial surveys through photographic & digital cameras, remote sensing satellites, LIDAR, and Radar will enhance the popularity of geospatial imagery analytics in the forthcoming years.
Extensive use of geospatial imagery analytics in weather monitoring, utilities, healthcare & energy sector, crises management, security & law enforcement, climate change modeling, and population forecasting will further boost the business space, while adding to the sales of the software tool. Exponential demand for examining unstructured data for effective decision making will stimulate the preference for more proficient analytical tools such as geospatial imagery analytics. Furthermore, swift digitization across myriad sectors has propelled the progression of geospatial imagery analytics market sphere.
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Growing Smart City Development Trend To Support North American Dominance
Regionally, North America has been leading the worldwide geospatial imagery analytics market and is anticipated to continue on the dominant position in the years to come, states the geospatial imagery analytics market study. Extensive application of the geospatial imagery analytics in different firms is the main factor behind the dominance of the North America geospatial imagery analytics market. In addition, tremendous use of the analytics tool for developing accurate base maps for smart cities and utilities in the region is anticipated to support the growth of this regional geospatial imagery analytics market
The global geospatial imagery analytics market is segmented as follows:
- Image Analytics
- Video Analytics
- Weather Monitoring
- Security & Law Enforcement
- Crisis Management
- Climate Change Modeling
- Population Forecasting & Management
- Remote Sensing
- Mobile Mapping / Handheld
- Office & Field Software
- Defense & Security
- Environmental Monitoring
- Mining & Manufacturing
- Energy & Utility
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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